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PRICING SUPPLEMENT No. VLS ETN-1/A47 To the Prospectus Supplement dated June 30, 2017 and Prospectus dated June 30, 2017

Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-218604-02

August 18, 2017 TM

Issued by Credit Suisse AG

9,900,000? VelocitySharesTM Daily Inverse VIX Short Term ETNs linked to the S&P 500 VIX Short-Term FuturesTM Index due December 4, 2030 (the "Inverse VIX Short Term ETNs")

3,100,000? VelocitySharesTM Daily Inverse VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term FuturesTM Index due December 4, 2030 (the "Inverse VIX Medium Term ETNs")

1,325,000? VelocitySharesTM VIX Short Term ETNs linked to the S&P 500 VIX Short-Term FuturesTM Index due December 4, 2030

(the "Long VIX Short Term ETNs") 500,000? VelocitySharesTM VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term FuturesTM Index due December 4, 2030

(the "Long VIX Medium Term ETNs") 44,550,000? VelocitySharesTM Daily 2x VIX Short Term ETNs linked to the S&P 500 VIX Short-Term FuturesTM Index due December 4, 2030

(the "2x Long VIX Short Term ETNs") 925,000? VelocitySharesTM Daily 2x VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term FuturesTM Index due December 4, 2030

(the "2x Long VIX Medium Term ETNs")

ETNs

Leverage Amount

ETN Type

Exchange Indicative Ticker Value Ticker

CUSIP

ISIN

Inverse VIX Short Term ETNs Inverse VIX Medium Term ETNs

XIV

XIVIV

22542D795 US22542D7957

-1

"Inverse"

ZIV

ZIVIV

22542D829 US22542D8294

Long VIX Short Term ETNs Long VIX Medium Term ETNs

VIIX

VIIXIV

22542D365 US22542D3659

1

"Long"

VIIZ

VIIZIV

22542D787 US22542D7874

2x Long VIX Short Term ETNs 2x Long VIX Medium Term ETNs

2

"2x Long" or "Leveraged"

TVIX TVIZ

TVIXIV TVIZIV

22542D357 US22542D3576 22542D340 US22542D3402

We are offering six separate series of exchange traded notes (collectively, the "ETNs"). We refer to the Inverse VIX Short Term ETNs and the Inverse VIX Medium Term ETNs collectively as the "Inverse ETNs," the Long VIX Short Term ETNs and the Long VIX Medium Term ETNs collectively as the "Long ETNs" and the 2x Long VIX Short Term ETNs and the 2x Long VIX Medium Term ETNs collectively as the "2x Long ETNs."

We have listed each series of the ETNs on The NASDAQ Stock Market under the exchange ticker symbols as set forth in the table above. Prior to December 2, 2013, the ETNs were listed on NYSE Arca. As long an active secondary market in the ETNs exists, we expect that investors will purchase and sell the ETNs primarily in this secondary market. We have no obligation to maintain any listing on The NASDAQ Stock Market or any other exchange or quotation system.

The ETNs, and in particular the 2x Long ETNs, are intended to be trading tools for sophisticated investors to manage daily trading risks. They are designed to achieve their stated investment objectives on a daily basis, but their performance over longer periods of time can differ significantly from their stated daily objectives. The ETNs are riskier than securities that have intermediate or long-term investment objectives, and may not be suitable for investors who plan to hold them for longer than one day. Accordingly, the ETNs should be purchased only by knowledgeable investors who understand the potential consequences of investing in volatility indices and of seeking inverse or leveraged investment results, as applicable. Investors should actively and frequently monitor their investments in the ETNs, even intra-day.

As explained in "Risk Factors" in this pricing supplement, because of the way in which the underlying Indices are calculated, the amount payable at maturity or upon redemption or acceleration is likely to be less than the amount of your initial investment in the ETNs, and you are likely to lose part or all of your initial investment. In almost any potential scenario the Closing Indicative Value (as defined below) of your ETNs is likely to be close to zero after 20 years and we do not intend or expect any investor to hold the ETNs from inception to maturity.

Investing in the ETNs involves a number of risks. See "Risk Factors" beginning on page PS-15 of this pricing supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

We sold a portion of the ETNs on the Inception Date and received proceeds equal to 100% of their stated principal amount as of the Inception Date. We expect to receive proceeds equal to 100% of the issue price to the public of the ETNs we issue and sell after the Inception Date, less any commissions paid to Credit Suisse Securities (USA) LLC ("CSSU") or any other agent. The agent for this offering, CSSU, is our affiliate. For any ETNs we issue on or after the date hereof, CSSU is expected to charge a creation fee of up to approximately 0.15% times the Closing Indicative Value of such ETNs on the date on which we price such ETNs, provided however that CSSU may from time to time increase or decrease the creation fee. In exchange for providing certain services relating to the distribution of the ETNs, CSSU, a member of the Financial Industry Regulatory Authority ("FINRA"), or another FINRA member may receive all or a portion of the investor fee. In addition, CSSU will charge investors a redemption charge of 0.05% times the Closing Indicative Value on the Early Redemption Valuation Date of any ETN that is redeemed at the investor's option. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement for more information.

The ETNs are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.

Credit Suisse

August 18, 2017

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(continued from previous page) This amended and restated pricing supplement amends and restates and supersedes Pricing Supplement No. VLS ETN-1/A46 dated June 30, 2017 (together with any previous supplements or amendments) in its entirety. We refer to this amended and restated pricing supplement as the "pricing supplement." ? Reflects the number of such ETNs offered hereby. As of August 15, 2017, there were issued and outstanding the following:

? 10,068,880 Inverse VIX Short Term ETNs ($100,688,800 in stated principal amount). ? 2,573,000 Inverse VIX Medium Term ETNs ($32,162,500 in stated principal amount). ? 784,190 Long VIX Short Term ETNs ($3,920,950,000 in stated principal amount). ? 140,000 Long VIX Medium Term ETNs ($14,000,000 in stated principal amount). ? 13,333,590 2x Long VIX Short Term ETNs ($333,339,750,000,000 in stated principal amount). ? 182,900 2x Long VIX Medium Term ETNs ($914,500,000 in stated principal amount). For additional information relating to splits and reverse splits, see "Description of the ETNs -- Split or Reverse Split of the ETNs" herein.

General

? The ETNs are senior medium-term notes of Credit Suisse AG, acting through its Nassau Branch, maturing December 4, 2030 (the "Maturity Date"). The Maturity Date will be postponed if such date is not a Business Day or if the scheduled Final Valuation Date is not an Index Business Day or if a Market Disruption Event occurs and is continuing on the Final Valuation Date. No interest or additional payment will accrue or be payable as a result of any postponement of the Maturity Date. See "Specific Terms of the ETNs--Market Disruption Events."

? The initial issuance of ETNs of each series priced on November 29, 2010 (the "Inception Date") and settled on December 2, 2010 (the "Initial Settlement Date").

? The ETNs are designed for investors who seek exposure to the applicable underlying Index. The ETNs do not guarantee any return of principal at maturity and do not pay any interest during their term. For each ETN, investors will receive a cash payment at maturity, upon early redemption or upon acceleration by us that will be linked to the performance of the applicable underlying Index, plus a Daily Accrual and less a Daily Investor Fee (each as defined herein). Investors should be willing to forgo interest payments and, if the applicable underlying Index declines or increases, as applicable, be willing to lose up to 100% of their investment. Any payment on the ETNs is subject to our ability to pay our obligations as they become due.

? The exchange ticker and the denominations and stated principal amount per ETN for each series of ETNs is set forth below. ETNs may be issued at a price that is higher or lower than the stated principal amount, based on the most recent Intraday Indicative Value or Closing Indicative Value of the ETNs. For additional information, see "Description of the ETNs -- Split or Reverse Split of the ETNs" herein.

ETNs

Inverse VIX Short Term ETNs Inverse VIX Medium Term ETNs Long VIX Short Term ETNs Long VIX Medium Term ETNs 2x Long VIX Short Term ETNs 2x Long VIX Medium Term ETNs

Exchange Ticker

XIV ZIV VIIX VIIZ TVIX TVIZ

Denomination and Stated Principal Amount per ETN $10 $12.50 $5,000 $100 $25,000,000 $5,000

Additional ETNs of each series may be issued and sold from time to time through CSSU and one or more dealers at a price that is higher or lower than the stated principal amount, based on the indicative value of the ETNs of such series at that time. Delivery of the ETNs in book-entry form only will be made through The Depository Trust Company ("DTC"). Any further issuances of ETNs of any series will form a single series with the offered ETNs of such series, will have the same CUSIP number and will trade interchangeably with the offered ETNs of such series upon settlement. Any further issuances will increase the outstanding number of the applicable series of the ETNs. See "Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement for further information.

If there is a substantial demand for the ETNs, we may issue additional ETNs frequently. We have placed conditions on our acceptance of offers to purchase the 2x Long VIX Short Term ETNs and the Inverse VIX Short Term ETNs. For more information, see "Specific Terms of the ETNs -- Further Issuances" herein. However, we are under no obligation to sell additional ETNs of any series at any time, and if we do sell additional ETNs of any series, we may limit or restrict such sales, and we may stop and subsequently resume selling additional ETNs of such series at any time. Any limitation or suspension on the issuance of the ETNs may materially and adversely affect the price and liquidity of the ETNs in the secondary market. Alternatively, the decrease in supply may cause an imbalance in the market supply and demand, which may cause the ETNs to trade at a premium over the indicative value of the ETNs. Any premium may be reduced or eliminated at any time. Paying a premium purchase price over the indicative value of the ETNs could lead to significant losses in the event the investor sells such ETNs at a time when such premium is no longer present in the market place or such ETNs are accelerated (including at our option, which we have the discretion to do at any time), in which case investors will receive a cash payment in an amount equal to the Closing Indicative Value on the Accelerated Valuation Date (each as defined herein). Investors should consult their financial advisors before purchasing or selling the ETNs, especially for ETNs trading at a premium over their indicative value. Any limitation or suspension on the issuance of the ETNs will not affect the early redemption rights of holders as described herein or other ETNs issued by us.

Janus Distributors LLC, effective May 30, 2017 doing business as Janus Henderson Distributors ("JHD"), will receive all or a portion of the Daily Investor Fee in consideration for its role in marketing and placing the securities under the "VelocitySharesTM" brand. See "Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement for further information.

This pricing supplement provides specific pricing information in connection with the issuance of each series of the ETNs. Prospective investors should read this pricing supplement together with the accompanying prospectus supplement and prospectus for a description of the specific terms and conditions of the ETNs. This pricing supplement amends and supersedes the accompanying prospectus supplement and prospectus to the extent that the information provided in this pricing supplement is different from the terms set forth in the prospectus supplement or the prospectus.

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We may from time to time purchase outstanding ETNs of any series in the open market or in other transactions, and we may use this pricing supplement together with the accompanying prospectus supplement and prospectus in connection with resales of some or all of the purchased ETNs in the secondary market.

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Key Terms Issuer:

Credit Suisse AG ("Credit Suisse"), acting through its Nassau Branch

Index:

The return on the ETNs of any series will be based on the performance of the applicable underlying Index during the term of

such ETNs. Each series of ETNs tracks the daily performance of either the S&P 500 VIX Short-Term FuturesTM Index ER or S&P 500 VIX Mid-Term FuturesTM Index ER (each such index, an "Index" and collectively the "Indices"). The Indices are designed to provide investors with exposure to one or more maturities of futures contracts on the CBOE Volatility Index? (the "VIX Index"), which reflect implied volatility of the S&P 500? Index at various points along the volatility forward curve. The calculation of the level of the VIX Index is based on prices of put and call options on the S&P 500? Index. Futures contracts on the VIX Index allow investors the ability to invest in forward volatility based on their view of the future direction of movement of the VIX Index. Each Index is intended to reflect the returns that are potentially available through an unleveraged investment in the relevant futures contract or contracts on the VIX Index. The S&P 500 VIX Short-Term

FuturesTM Index ER targets a constant weighted average futures contracts maturity of one month and the S&P 500 VIX MidTerm FuturesTM Index ER targets a constant weighted average futures contracts maturity of five months. The Indices were created by S&P Dow Jones Indices LLC ("S&P" or the "Index Sponsor"). The Index Sponsor calculates the level of the relevant Index daily when the Chicago Board Options Exchange, Incorporated (the "CBOE") is open (excluding holidays and

weekends) and publishes it on the Bloomberg pages specified below as soon as practicable thereafter. Each Index, or any successor index to such Index, may be modified, replaced or adjusted from time to time, as determined by the Calculation Agents as set forth below. See "The Indices" in this pricing supplement for further information on the Indices.

ETNs

Underlying Index

Underlying Index Ticker

Payment at Maturity:

Closing Indicative Value:

Inverse VIX Short Term ETNs, Long VIX Short Term ETNs, 2x Long VIX Short Term ETNs

S&P 500 VIX Short-Term FuturesTM Index ER

SPVXSP

Inverse VIX Medium Term ETNs, Long VIX Medium Term ETNs, 2x LongVIX Medium Term ETNs

S&P 500 VIX Mid-Term FuturesTM Index ER

SPVXMP

The Calculation Agents, may modify, replace or adjust the Indices under certain circumstances even if the Index Sponsor continues to publish the applicable Index without modification, replacement or adjustment. See "Specific Terms of the ETNs--Discontinuance or Modification of the Index" and "Risk Factors--The Calculation Agents may modify the applicable underlying Index" in this pricing supplement for further information.

If your ETNs have not been previously redeemed or accelerated, on the Maturity Date you will receive for each $100 stated principal amount of your ETNs (for each $10 stated principal amount in the case of Inverse VIX Short Term ETNs; for each $12.50 stated principal amount in the case of Inverse VIX Medium Term ETNs; for each $5,000 stated principal amount in the case of Long VIX Short Term ETNs and 2x Long VIX Medium Term ETNs; and for each $25,000,000 stated principal amount in the case of 2x Long VIX Short Term ETNs) a cash payment equal to the applicable Closing Indicative Value on the Final Valuation Date (the "Final Indicative Value"), as calculated by the Calculation Agents. We refer to the amount of such payment as the "Maturity Redemption Amount."

If the Final Indicative Value is zero, the Maturity Redemption Amount will be zero.

The Closing Indicative Value for any series of ETNs on the Inception Date equaled $100 (the "Initial Indicative Value"). The Closing Indicative Value on each calendar day following the Inception Date for each series of ETNs will be equal to (1)(a) the Closing Indicative Value for that series on the immediately preceding calendar day times (b) the Daily ETN Performance for that series on such calendar day minus (2) the Daily Investor Fee for that series on such calendar day. The Closing Indicative Value will never be less than zero. The Closing Indicative Value will be zero on and subsequent to any calendar day on which the Intraday Indicative Value equals zero at any time or Closing Indicative Value equals zero. The Closing Indicative Value for each series of ETNs on each Index Business Day will be published on such Index Business Day under the applicable Indicative Value ticker set forth above. The Closing Indicative Value for each series of ETNs is not the closing price or any other trading price of such series of ETNs in the secondary market. The trading price of any series of the ETNs at any time may vary significantly from the Indicative Value of such series of ETNs at such time. See "Description of the ETNs--Intraday Indicative Value" in this pricing supplement.

The table below shows the Closing Indicative Value and closing price of each series of ETNs on August 15, 2017.

ETNs

Closing Price

Closing Indicative Value

Inverse VIX Short Term ETNs

$84.56 (exchange ticker XIV)

$84.2158 (Indicative Value Ticker XIVIV)

Inverse VIX Medium Term ETNs

$72.24 (exchange ticker ZIV)

$72.0524 (Indicative Value Ticker ZIVIV)

Long VIX Short Term ETNs*

$19.97 (exchange ticker VIIX) $19.9887 (Indicative Value Ticker VIIXIV)

Long VIX Medium Term ETNs

$7.53 (exchange ticker VIIZ)

$7.5593 (Indicative Value Ticker VIIZIV)

2x Long VIX Short Term ETNs* $17.05 (exchange ticker TVIX) $17.0502 (Indicative Value Ticker TVIXIV)

2x Long VIX Medium Term ETNs*

$14.04 (exchange ticker TVIZ) $14.1750 (Indicative Value Ticker TVIZIV)

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* The Long VIX Short Term ETNs and the 2x Long VIX Medium Term ETNs each underwent a 1?for?5 reverse split, and the 2x Long VIX Short Term ETNs underwent a 1?for?10 reverse split, each effective March 16, 2017. The Closing Indicative Values of the Long VIX Short Term ETNs and the 2x Long VIX Medium Term ETNs on March 15, 2017 were each multiplied by five, and the Closing Indicative Value of the 2x Long VIX Short Term ETNs on March 15, 2017 was multiplied by ten, and rounded to eight decimal places prior to the open of trading on March 16, 2017. Since March 16, 2017, the Closing Indicative Values of the Long VIX Short Term ETNs and the 2x Long VIX Medium Term ETNs have been expressed in an amount per denomination and stated principal amount of $5,000, and the Closing Indicative Value of the 2x Long VIX Short Term ETNs has been expressed in an amount per denomination and stated principal amount of $25,000,000. For additional information relating to splits and reverse splits, see "Description of the ETNs -- Split or Reverse Split of the ETNs" herein.

If the ETNs undergo any subsequent splits or reverse splits, the Closing Indicative Value will be adjusted accordingly. For additional information, see "Description of the ETNs--Split or Reverse Split of the ETNs" in this pricing supplement. Janus Index & Calculation Services LLC ("JIC") or its affiliate is responsible for computing and disseminating the Closing Indicative Value.

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